In December 2016, Minister for Revenue and Financial Services, Kelly O’Dwyer, announced that a taskforce had been established to crack down on the black economy.
The ‘black economy’ refers to those who operate entirely outside the tax system and those who are known to tax authorities but deliberately misreport their tax and superannuation obligations.
Ms O’Dwyer said that looking at the black economy is a logical next step in the government’s crackdown on tax avoidance.
“The government has taken significant action to shut down loopholes for multinationals that try and avoid paying tax through measures such as the Multinational Anti-Avoidance Law,” she said in a statement.
“The black economy is the next important piece in the tax integrity puzzle.”
The government has called for stakeholder submissions to the Black Economy Taskforce, which is due to deliver an interim report by March 2017 and a final report by October 2017.
“All those who have an interest in this important work, including those with innovative ideas on how to tackle this complex issue, are encouraged to provide initial views to the Taskforce secretariat by 17 February 2016,” Ms O’Dwyer said.
There will also be further opportunities for public engagement, with a consultation paper to be issued in March, setting out particular questions for comments and detailed submissions.
Additionally, a program of public meetings will be scheduled in the middle of the year.
Moral hazards in member bodies
By Chris Hooper, Accodex
Process standardisation trumps automation
By Mark Sands, BOARD Australia
Tips for mergers and acquisitions of accounting fees
By Jamie Davison, Carbon Group